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Will a reorganization bankruptcy stay a state agency from devaluing your property that has already been approved to develop if so does the bankruptcy need to be filed before the new law takes effect?
Wiki User
∙ 12y ago
You better get some actual legal counsel since your just throwing terms and ideas around without any possible idea as to what they mean, nor their possible effect.
Right off, any valuation a "state agency" (not sure what that could be), gives a property is only relevant to some assessment of tax they would be using that value for, and a lower one would mean you would pay less tax....a good thing. It doesn't effect how much someone might pay for it, it's actual worth, really in any way.
Obviously, the Fed BK Court isn't going to get involved with anything until your case is in front of them, and it's unlikely they would try and prevent any authorized (probably required) State actions, presuming they could.
And why bankruptcy would help you unless your also absolutely insolvent and have little to lose (apparently you have this property to lose for sure), makes no common sense. So you'll be bankrupt and without the property as it will be used to pay creditors. Or you'll maintain the proerty through bankruptcy, but being in bankruptcy would make developing it and getting funding more difficutl to say the least.
If your property has been approved for development, it's probably grandfathered for that use and any changes in zoning, (if that's maybe what you mean), probably won't effect it. Your zoned and approved, maybe with a time limit to do so.
But I suspect you actually mean the property, like all in the area, is being re-valued by the tax assessor. This must happen to all properties every so often, and actually means very little, since if the property goes up in value equal to all tohers, the reduction in the mill rate (the tax rate on the property), compensates equally. Generally, properties when revalued go up in assessed value....so if that change makes some difference in your scenario...well I guess your now worth much more money...don't spend it all in one place.
But, frankly, your speaking like a wild man. Hire somebody to research and explain it to you - and listen to what they say...not what the voices in your head are telling you.
Wiki User
∙ 12y ago
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Can you file parking tickets under a chapter 7 bankruptcy?
Parking tickets cannot be discharged under Chapter 7 bankruptcy. They can, however, be discharged under Chapter 13 bankruptcy. Chapter 7 bankruptcy is known as "liquidation" bankruptcy. This generally means that all of a debtor's non-exempt property may be sold by a bankruptcy trustee, though the laws for property exemption are different in each state. For example, in New York, most debtors are able to keep all of their property. Chapter 13 bankruptcy is a 'reorganization of debts', and allows the individual to keep their property and income while paying off all or part of their debt over a three to five year period. In the case of a Chapter 13 bankruptcy filing, the parking tickets can be considered "unsecured" debts (similar to credit cards and medical bills), and can thus be treated as such for repayment.
What do you do with property that has been unclaimed in a bankruptcy?
It depends. Depending on the interest of the Trustee in Bankruptcy, and whether or not they have abandoned the property, will determine whether or not the debtor in Bankruptcy will be permitted to take the property if the creditor has abandoned the property. Bottom line is that it depends on the facts, contact your Bankruptcy attorney or a reputable Bankruptcy attorney to get more information.
How will bankruptcy affect the sale of real estate property?
No property can be sold, transferred, refinanced, etc. while in bankruptcy without the permission of the bankruptcy court.
Can you file a lawsuit on a company that has filed chapter 11?
If the debt was incurred prior to the bankruptcy, then you cannot file a lien and your debt will be dealt with in the Chapter 11 plan of reorganization. If the debt was incurred after the bankruptcy, then any action you do take must be approved by filing the appropriate with the bankruptcy court first.
What is the property limit you can include on a bankruptcy?
If by "property limit" it is meant what personal and real property can be exempted from bankruptcy, that is determined by the type of bankruptcy you must file, federal or state. To discover what the type and amount of property one is allowed to exempt you can search federal bankruptcy exemptions or (name of state) bankruptcy exemptions; in a few states the person can choose to use either set of exemptions or a combination thereof.
While in bankruptcy can you lease your property?
Yes
Can you do a short sale after a house was included in a bankruptcy?
No. The title to the property is encumbered by the bankruptcy. You would need the court to release the property in order for you to be able to sell it. You should discuss it with your attorney.No. The title to the property is encumbered by the bankruptcy. You would need the court to release the property in order for you to be able to sell it. You should discuss it with your attorney.No. The title to the property is encumbered by the bankruptcy. You would need the court to release the property in order for you to be able to sell it. You should discuss it with your attorney.No. The title to the property is encumbered by the bankruptcy. You would need the court to release the property in order for you to be able to sell it. You should discuss it with your attorney.
If you file a bankruptcy will your holdings in another country be protected?
In a US bankruptcy, you will have to turn over all property of the estate. Out of country assets are property of this estate.
What are the differences between bankruptcy options?
Bankruptcy is a federal court process. It is designed to help consumers and businesses eliminate debt or repay debts under the protection of the bankruptcy court. There are two categories of bankruptcy, "liquidation" or "reorganization":Liquidation bankruptcy (or Chapter 7) - a consumer or business asks the court to discharge the debts owed (some debts cannot be discharged). In exchange, the business's assets or the consumer's property is sold (liquidated) and the proceeds are used to pay off the creditors.Reorganization bankruptcy (chapter 13) - involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a percentage or nothing at all.
Does bankruptcy attorney keep rental property income?
The answer to this question depends on whether you are filing Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, if the rental property has equity, meaning that the value of the property exceeds what is owed on the property, the trustee would almost definitely seize property and sell it to satisfy some or all of your unsecured debts.
How long do you have to wait to file bankruptcy after I have passed a property on to your son?
Thank you for passing your property to my son. Since I do not have a son, I guess it remains in limbo. If your son paid you the value (equity) of your home, you will have to disclose the transfer, but it will have no effect on your bankruptcy. If you gave the property to your son for free, and there was equity in the property, probably two years, if you gave the property knowing you were insolvent and intending to deprive your bankruptcy estate of the asset. It would have been better to discuss this with a bankruptcy lawyer before passing the property, as you might have been able to exempt the property in the filing.
What does copyright not allow you to do?
Copyright stops you from devaluing other people's intellectual property by copying, altering, distributing, or performing/displaying it without their permission.
